[§256B-7] Accounts not guaranteed by the State.
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[§256B-7] Accounts not guaranteed by the State.
(a)Nothing in this chapter shall create or be construed to create any obligation of the director, the State, or any agency or instrumentality of the State to guarantee for the benefit of any account owner or designated beneficiary with respect to the:
(1)Return of principal;
(2)Rate of interest or other return on any account; or
(3)Payment of interest or other return on any account.
(b)The director shall adopt rules to provide that every contract, application, or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the State and that the principal deposited and the investment return are not guaranteed by the State. [L 2015, c 206, pt of §2]